Futures Market News
Dollars of Australia, New Zealand lag from slower Q4 in China
Jan 16, 2012 01:43 PM
Monday saw South Pacific monetary units lose value to the U.S. dollar and the Japanese yen amid a Tuesday report stating China's economy endured its slowest quarter since 2009 late last year, according to Bloomberg.
As host of the globe's most rapidly developing economic system, China saw gross domestic product develop 8.7 percent when compared with the same metric from one year prior, according to a Bloomberg poll. The currencies also declined as as a result of euro zone nations' credit ratings downgraded by Standard & Poor's.
"A drop in GDP is probably not going to do the Aussie too many favors as China is Australia's largest trading partner," foreign-exchange dealer Jeremy Jukes with currency brokerage Velocity Trade of Auckland told Bloomberg, pointing to China's economic output.
Despite numbers for home loans in Australia rising more than economists anticipated for the month of November, the value of the Aussie still dropped.
The monetary unit of Australia remains healthy, The Wall Street Journal reports, noting rate cuts are possible because of likely hiccups among the sectors for retail and manufacturing.
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